This fall Washington voters will likely again be asked to pass a state income tax. Tax proponents want to impose a tax of 5 percent on people with yearly incomes over $200,000 and on couples with incomes over $400,000. The rate would rise to 9 percent at the $500,000 and $1 million levels.
Supporters have until July 2 to collect 241,153 signatures. Given well-heeled backers like labor unions and Bill Gates Sr., they will almost certainly make the deadline.
The initiative would reduce the state property tax by 20 percent and increase the business tax credit to $4,800 a year. read more »